Average American family has now lost $6,000 in annual wages under Biden due to inflation
The average American worker has lost $3,000, and the average family has lost $6,000 in annual wages, thanks to rising inflation under President Biden.
www.foxbusiness.com
The average American family has experienced a loss of roughly $6,000 in annual wages, thanks to inflation during President Biden's tenure, according to an analysis shared with FOX Business.
The analysis, conducted by economist and Heritage Foundation research fellow E.J. Antoni, showed that the average American worker has seen annual wages decrease by $3,000, meaning families have seen a loss of $6,000 in annual wages, thanks to high inflation. Antoni said the losses have had major impacts on families' earnings and quality of life as Americans struggle to pay for everyday items such as groceries and energy bills.
"People are just absolutely being crushed," he told FOX Business in an interview. "It's not the price of caviar and yachts that are driving these numbers. It's necessities, it's staples. It's things like eggs, milk, flour, soup. These are things that are up 20 or 30 percent year-over-year."
"All of those additional costs are now creeping into the rest of the economy, essentially," Antoni continued. "I really don't see much good news any anywhere I look, unfortunately."